No. Microsoft has changed the name of the service to Outlook.com, but all old Microsoft email addresses (Hotmail.com, live.com, msn.com) continue working as before.
All new accounts created will be outlook.com, new user / new accounts can no longer select Hotmail or Live.
To confirm, Hotmail.com still works but it may look more like Outlook.com and the URL may redirect. I have accounts with both and no problem except it's easier to use different browsers to avoid confusion or having to log out of one before logging into the other, also not a problem as I have 4 browsers installed.
Yeah I have some still in hotmail... but Outlook is way better so thankfully that they upgraded it.
I miss when email was simple.
I still use msn.com and that goes through ok on both outlook and the new Mail App