Moral Hazard and adverse selection in ObamaCare

"ObamaCare’s architecture also makes it economically rational for consumers to wait until they are about to incur major medical expenses to get covered, and administratively created “special enrollment periods” encourage such gaming.
"Oliver Wyman calculates that people who signed up during one of these windows—about one of five ObamaCare beneficiaries—are 10% more expensive than people who join during normal periods and 40% more likely to drop their plan later. Meanwhile, the nonprofit Blue Cross Blue Shield Association warned last month that new ObamaCare enrollees had medical costs 22% higher on average in 2015 than people with employment-based coverage."
http://www.wsj.com/articles/a-big-obamacare-exit-1461106087