This report presents a model to identify the optimal time between surveillance tests and overhaul frequency of components whose failures are detected upon inspection. The model is based on minimizing the total cost per unit time during the component renewal cycle. It considers the component availability assuming that the unit is "as old" after tests and repairs and "as new" after overhauls. The model takes into account costs associated with tests and maintenance, as well as potential losses related to unavailability. General conditions and a case study are discussed to evaluate the effect of costs, maintenance task durations, and the uncertainty of the reliability parameters on the optimal inspection policy of typical tested components. This report also discusses the advantage of the cost-based optimization versus the traditional approach based on maximal availability.