This isn’t surprising, since the state’s largest insurer must accept all policyholders, regardless of chronic health conditions. Additionally, the company extended noncompliant Obamacare plans for customers until 2017 at the request of President Obama. As a result, many low-risk individuals have held onto these plans while the federal health law’s risk pools skew higher-risk.

From the News and Observer:

The ACA losses were exacerbated when President Obama in 2013 allowed people to keep their old insurance plans, which were cheaper than ACA plans. Thousands of Blue Cross customers opted for the cheaper plans, causing a shortfall of expected revenue, Petkau said.

The ACA plans became more concentrated with sicker people, so that the most expensive 5 percent of ACA enrollees brought in $75 million in revenue but cost Blue Cross $830 million in medical claims.

Read the article in full here.