A type of "catastrophic coverage" health insurance coverage with lower premiums and higher deductibles than traditional plans, and is a requirement for having an HSA. Defined by the IRS as "health plan with an annual deductible that is not less than $1,200 for self-only coverage or $2,400 for family coverage, and the annual out-of pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,050 for self-only coverage or $12,100 for family coverage."