Your intuition is correct. It does have to do with combinations.
You do not need to take conditional probabilities into account in this case. The fact that your last flip resulted in heads or tails has no realistic effect on the outcome of the next flip. I would approach this problem in the following way. Let's call the number of coin flips X.
$P(X\geq 3) = P(X=3)+P(X=4)+P(X=5)$
As the ordering do not matter, there are ${5 \choose 3}=10$ valid ways of throwing three heads out of 5. So $P(X=3)={5 \choose 3}*0.5^3 * 0.5^2 = \frac{10}{32}$
We can repeat this train of thought for $P(X=4)$ and see that this equals ${5 \choose 4}*0.5^4*0.5= \frac{5}{32}$
For the last option, you have obviously figured out that this equals ${5 \choose 5}*0.5^{5}*0.5^0=\frac{1}{32}$.
Adding these up, we see that $P(X\geq 3)= \frac{16}{32} = \frac{1}{2}$
This is a classic example of a Binomial Distribution. To get you started: https://en.wikipedia.org/wiki/Binomial_distribution. In my opinion, this article does quite a good job at explaining this concept. If something is still unclear, feel free to ask some more!