Could you be making a costly mistake with your health insurance? From choosing a plan based only on the premium to overlooking your provider network, here are five common mistakes – and how to avoid them.

1. Choosing a Plan Based Only on the Premium - A low monthly premium doesn't always mean lower overall costs. Compare deductibles, copayments, coinsurance and out-of-pocket maximums before choosing a plan.

2. Not Checking Your Provider Network - Before making an appointment, check whether your doctor, hospital or specialist is in your plan's network. Using out-of-network providers may result in higher costs or limited coverage.

3. Ignoring Your Prescription Coverage - If you take regular medications, make sure they're covered by your plan and understand what you'll pay. Formularies and prescription costs can vary between plans.

4. Missing Important Deadlines - Enrollment periods and other insurance deadlines matter. Missing a deadline could leave you without coverage or limit your options.

5. Not Reviewing Your Coverage - Your healthcare needs and insurance options can change over time. Review your coverage during Open Enrollment and make sure your plan still fits your needs and budget.

A Little Preparation Can Go a Long Way

Understanding your health plan can help you avoid costly surprises. Before choosing or using your coverage, take time to review the details, ask questions and make sure you know what your plan does – and doesn't – cover.

The more you know about your health insurance, the more confident you can be in using it.