Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 4

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 4
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 of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross and Anthem Blue Cross and Blue Shield. We also conduct business through arrangements with other BCBS licensees as well as other strategic partners. In addition, we serve members in numerous states as Wellpoint, Carelon, MMM and/or Simply Healthcare. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries. Our portfolio consists of the following core go-to-marketbrands:

| • |     | Anthem Blue Cross/Anthem Blue Cross and Blue Shield—represents our Anthem-branded and affiliated Blue Cross 
 and/or Blue Shield licensed Medicare, Medicaid, and commercial Health Benefit plans;                        |

| • |     | Wellpoint—represents our Wellpoint branded Medicare, Medicaid and commercial Health Benefit plans and other 
 non-BCBSA brands; and                                                                                       |

| • |     | Carelon—represents our healthcare related services and capabilities, including our CarelonRx and Carelon 
 Services businesses.                                                                                     |

We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other (our businesses that do not individually meet the quantitative thresholds for an operating segment, as well as corporate expenses not allocated to our other reportable segments). Elevance Health is incorporated under the laws of the State of Indiana. Our principal executive offices are located at 220 Virginia Avenue, Indianapolis, Indiana 46204 and our telephone number is (833) 401-1577.We

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maintain a website at www.elevancehealth.com where general information about us is available. We are not incorporating the contents of the website into this prospectus supplement or the
accompanying prospectus.

If you would like to find more information about us, please see the sections entitled “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference” in this prospectus supplement.

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The Offering

| Issuer | Elevance