Improvements in life expectancy achieved by technological advancements in the recent decades have increased the proportion of elderly people. Frailty of old age, susceptibility to diseases, and impairments are inevitable issues that these senior adults need to deal with in daily life. Recently, there has been an increasing demand on developing elderly care services utilizing novel technologies, with the aim of providing independent living. Internet of things (IoT), as an advanced paradigm to connect physical and virtual things for enhanced services, has been introduced that can provide significant improvements in remote elderly monitoring. Several efforts have been recently devoted to address elderly care requirements utilizing IoT-based systems. Nevertheless, there still exists a lack of user-centered study from an all-inclusive perspective for investigating the daily needs of senior adults. In this paper, we study the IoT-enabled systems tackling elderly monitoring to categorize the existing approaches from a new perspective and to introduce a hierarchical model for elderly-centered monitoring. We investigate the existing approaches by considering the elderly requirements at the center of the attention. In addition, we evaluate the main objectives and trends in IoT-based elderly monitoring systems in order to pave the way for future systems to improve the quality of elderly's life.