Nice summary article overall on personal medical monitoring. The security issue @aarunaku raises above is a concern but that is for anything that is wireless-connected with personal information, not just medical industry. The industry has been addressing this with various physical- and application-layer security measures.
If this is the case, will the health care going to cost less?
If the idea of smart monitor help tracing problems early and also reduce risks. It should definitely be helping to reduce trips to doctors/physicians/diagnostics, etc..
It should be similar to how emails replaced letters..
However, there could be a lot of scammers hopping into invade personal information, etc., and cost of maintenance of a smart device may be more than what it is intended to do.
Good luck with modernization without common sense.