Bio med chips are no good for first aiders - great for paramedics. But I'd prefer the first skilled person on the scene to know as much info as possible. That's where old school bracelets work really well.
I have the old school bracelet. And I was trained as a 1st responder. They work exactly the same; the bracelet has my membership number and nothing more. The 1st responder (i.e. paramedic or more likely an E.M.T.) has to call Medic-Alert and have them read my medical info (as stated before, only so much info will fit on a small tag; there's not even close to enough room for a complete list of my meds)