Does Medicaid pay for a 24 hour home caregiver for an elderly adult?

No, but medicaid does pay for them to be in a nursing home.

Medicaid will not pay for home care, however, some states have programs that will. You should contact your local Department of Social Services to find out if something is available where you live.

Not to my knowledge. Medicaid no longer pays for home health care, although Medicare will under certain circumstances and for a limited time.