Isaiah 53:5 says:
But He was pierced through for our transgressions,
He was crushed for our iniquities;
The chastening for our well-being fell upon Him,
And by His scourging we are healed. (NASB)
Answer: No, it does not. Physical healing is not part of the atonement. The whole emphasis of Isaiah 53 in context is spiritual healing from sin, not physical healing.
With spiritual healing being the purpose of the atonement, the moment one is saved, he is spiritually healed and receives salvation and eternal life. If physical healing were achieved by the atonement, then the moment the person is saved, all his physical infirmities would be removed and he would never suffer physical infirmity again. Furthermore, he would not even suffer physical death. The reason so few people are recipients of this blessing is simply because physical healing is not part of the atonement in this life.
Ultimately, the atonement does include the redemption of the body, but that comes only with the resurrection from the dead or the translation at the time of the rapture. Only then will the body no longer be subject to physical infirmities of any kind. Until the redemption of the body at the time of the resurrection, only spiritual healing is guaranteed.
For more details on Isaiah 53. see MBS 11 ‘The Suffering Messiah of Isaiah 53.’
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Arnold Answers is a bi-weekly Q & A with founder and director of Ariel Ministries, Dr. Arnold G. Fruchtenbaum.