I produced the chart above based on the latest data from the WHO. It shows life expectancy in 1992 and 2012. Back in 1990 Cuba was still the prima dona of Latin America. As you can see now, Colombia has caught up and Chile has clearly beaten Cuba.
Countries like Peru and Bolivia are doing well. Mexico is improving more slowly and yet it has caught up with Venezuela. Peru has caught with Venezuela and, as you could see from Colombia: it really beat Venezuela in spite of not having the oil Venezuela has.
The only country in this series that is converging with Venezuela - at least until 2012 - was Argentina.
Venezuela has squandered a lot of money. Yes, life expectancy has improved, like elsewhere in the region, but it hasn't improved as it should.