While America’s health-care system has long needed reform, President Obama unfortunately made many parts of it worse. His Affordable Care Act is based on more federal spending, regulation and coercion—and Americans are now experiencing the many unhappy consequences.

These include millions forced out of their previous insurance plans and into new ones with higher costs and more-restricted access to physicians; premiums increasing by double digits, even for the lowest-price silver plans offered in states using the Healthcare.gov website; and insurance companies losing billions of dollars because many healthy, middle-class families want no part of ObamaCare. And those not-for-profit “co-ops” established by the law? More than half have failed.

Congress passed a bill on Jan. 6 gutting the Affordable Care Act, which Mr. Obama vetoed two days later. Change will have to wait until the next president and Congress. But repealing the Affordable Care Act is not enough. The country has been drifting toward full federal control of health care for decades. What’s needed is a credible plan to reorient federal policy across the board toward markets and the preferences of consumers and patients, and away from one-size-fits-all bureaucratic micromanagement.

We have worked with eight colleagues to develop such a plan. It has these important features:

Read the full article in The Wall Street Journal.