Unfortunately, SG, the individual mandate does mean we are required by law to own an insurance policy. There is no public option or single-payer, and in red states like mine there will be no expansion of Medicaid. You can give money you don't have to an insurance company, or you can go without and pay a fine.
There's a lot of garbage on the right wing about the country being bankrupted or crop circles or something, but that bit is true.