The law’s incentives push states to spend more on new enrollees, and less on the disabled and ill.

ObamaCare made it more difficult for health insurers to turn a profit on individual plans, since it prohibited them from charging consumers more based on their medical risks. But the law also created a huge growth opportunity for insurers: Medicaid.

Over the past decade, federal and state spending on Medicaid has nearly doubled to $570 billion—roughly as much as the revenues of United Health, CVS, Anthem, Aetna and Humana put together. California alone will spend nearly $100 billion on Medicaid this year…

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