Cobalt is ferromagnetic, meaning it can be permanently magnetized:
http://en.wikipedia.org/wiki/Cobalt . It is not clear that cobalt-chrome-molybdenum is, however. That property might be significantly diminished in the alloy.
Assuming your implants are magnetizable at all, they would have to be subjected to a strong magnetic field to get that way. Have you been in an MRI machine lately?
Even assuming your implant has become magnetized, it would take more than that to trigger a Sensormatic system. Sensormatic tags are acousto-magnetic:
http://en.wikipedia.org/wiki/Sensormatic . They work by changing size when exposed to an oscillating magnetic field. A sudden change in size causes them to emit a pulse that can be "read" by an antenna:
http://www.thehowandwhy.com/Security4.html .
Although it might be possible for your implants to become magnetized, it is not possible that they would change size suddenly in response to an applied oscillating magnetic field. They are simply too rigid.
It might be possible (although really unlikely) that your implants might be interacting with something else to trigger the alarm. Acousto-magnetic tags require a "bias magnetic field" to operate. Conceivably, your implants could provide this, while some other material, say, your cell phone or PDA in your hip pocket, might fall within that field and respond to the oscillating field in a way that triggers the sensor. It's pretty far fetched, however.
Is it a health hazard? Probably not. In the worst case you have a magnet inside your body. So what? No one has ever shown that magnets are a problem. Some people believe magnets have magical healing powers:
http://en.wikipedia.org/wiki/Magnet_therapy .
There's even a team of doctors who deliberately put magnets in hip implants to vacuum up the metal debris:
http://www.dailymail.co.uk/health/article-510987/The-new-magnetic-hip-lifetime.html