Mega Millions winners Kevin Blake and wife Stephanie say they plan on continuing to work. But do they need insurance still?

Should you keep your insurance policy for health care and house after you win the lottery?

With $21 million tucked under your mattress like the Blakes, you've got a big buffer. You can easily replace that Ferrari that got stolen or pay for that appendix you need taken out.

So do you really need insurance now that you're rich?

Before you answer, take a quick look at some figures. These are the medical costs in the USA for various procedures:

• Coronary Artery Bypass: $58,564 to $318,000

• Abdominal hysterectomy: $8,116 to $82,612

• C-section delivery: $11,000 to $31,000

• Disk Removal: $22,000 - $74,000

• Normal delivery: Newborn babies: $3,893 - $7,676

• Knee Replacement: $14,630 to $32,727

• Treatment for Stroke: $9,122 to $24,378

• Lung Tumors: $14,077 - $21,756

These amounts look affordable to a $21m winner, don't they? Apart from the bypass at $300k, you could have a couple of ops a year and not miss the small change.

Or could you?

Remember, if you're going to make the most of your jackpot, a major win like this may be the ONLY shot you get. A big event in life like this only comes around once.

So you'll have to make hay while the sun shines. And even with so much in the bank - you still need to be careful with your spending.

Because when a hugely expensive treatment comes along - many years of cancer treatment, or an organ transplant, it could cost you hundreds of thousands of dollars ongoing. These costs mount up and will take a serious bite out of your capital.

And there's something else to consider. Many health care providers like hospitals, urgent care facilities, and radiology centers charge 3 to 5 times more if you don't have insurance. Health repair gets expensive this way very quickly.

Insurance is a tool, a financial tool for your health and happiness. You need to be sensible. Insurance is essential because it gives you a lot of care for your dollar.

Pay the small monthly outgoings.

With the income you get from investing most of your winnings, you could easily pay the monthly premium and any excess without any worry. This is a better bet than the open-ended rocketing cost of a serious illness.

It's wise to be protected!

(My opinion only. Always consult professionals first)