https://health.clevelandclinic.org/drink-up-dehydration-is-a...
https://health.clevelandclinic.org/drink-up-dehydration-is-a...
In practice, I don't think anyone really does this: thirst, urine/sweat, and weight are very easy to measure, and the obvious next step would be pulse or blood pressure.
But I'm aware there are various issues with CGM's (a friend has one, which may act as an insulin pump as well, and complains that the needle needs to be moved around every so often as the attachment site stops giving accurate readings). The cost/benefit probably isn't there, if an elderly person cannot control their own hydration they probably also aren't able to adequately care for a CGM or similar monitor. If it was something you could implant into the body and poll wirelessly it might have some value.
I think you could get 99% of the way there with a reminder at 10am, 2pm, and 6pm to have a glass of water. With a few exceptions (e.g., heart failure), there's no real harm in moderately overdoing it--you'll just pee it out.