Yep. Had it for years. You buy a year's subscription, and unless you use like 10,000 minutes in a month, per their fair usage policy, it's all included.
You can also get other per-country subscriptions, or incoming numbers in some area codes that ring your skype account. If you have a land line, as well, you can buy a dual phone, that connects to your phone line and to your modem, so you can use skype with a normal handset.
Also also, last I checked, you can arrange a local phone number that you can call, from which you call your skype contacts, so if you're away from your computer, using it is just the cost of calling a local number (payphone, mobile, etc) over 4 years ago