Among different types of plasmonic waveguides that support surface‐plasmon‐polariton (SPP) mode, metal‐insulator‐metal (MIM) waveguides have the best electric field confinement in expense of high propagation loss. On the other hand, hybrid plasmonic waveguides (HPWGs) are represented as low loss plasmonic waveguides with moderate confinement. In this work, a new design of HPWG is proposed with higher electric field confinement compare with conventional HPWG by adding lossy spacer layer to the designed HPWG. This modification causes the proposed design be more similar to metal‐insulator‐metal (MIM) waveguides but with less propagation loss. The proposed design is called semi‐MIM HPWG and its structure is studied analytically and numerically. Dimensions of the proposed semi‐MIM HPWG is optimized to work at 193.5 THz and the proper stepped taper transition is designed to feed the waveguide by photonic feed lines.