The Internet of Things (IoT) has become increasingly integral in healthcare, enhancing the precision, reliability, as well as productivity with respect to electronic devices. Researchers are actively contributing to the advancement of a digitized healthcare system by connecting various medical resources and healthcare services. Nevertheless, remote monitoring and management of elderly patients remain a formidable challenge for the latest technologies. In this research, an IoT-based healthcare system aimed at monitoring specialized IoT devices designed to track vital signs such as temperature, toileting habits, blood pressure, as well as sleep patterns. Furthermore, this system is equipped to automatically notify the relevant medical authorities of any potential risks faced by patients by continuously monitoring their real-time data and sending alerts via email. We believe that this study will prove valuable to both researchers and healthcare practitioners by offering insights into the significant potential of IoT in the medical domain while shedding light on the major challenges associated with IoT applications in healthcare. This work will also help the researchers to understand the applications of IoT in the healthcare domain. This contribution will offer an extensive exploration of IoT-based healthcare monitoring systems, offering a roadmap for the benefit of future researchers, scientists, and academicians by establishing a novel IoT-based healthcare monitoring system with the potential to revolutionize healthcare by leveraging modern technology to enhance patient care and overall quality of life.