Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 1

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 1
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 OF THE WARRANTS                 |     |      | 28 |
| DESCRIPTION OF THE RIGHTS                   |     |      | 29 |
| DESCRIPTION OF THE STOCK                    
 PURCHASE CONTRACTS AND STOCK PURCHASE UNITS |     |      | 30 |
| PLAN OF                                     
 DISTRIBUTION                                |     |      | 31 |
| VALIDITY OF THE SECURITIES                  |     |      | 33 |
| EXPERTS                                     |     |      | 33 |

In this prospectus supplement, “we,” “us,” “our,” and “Elevance Health” refer to Elevance Health, Inc. or Elevance Health, Inc. and its direct and indirect subsidiaries, as the context requires. We have not authorized anyone to provide any information other than that contained or incorporated by reference in this prospectus supplement, the accompanying prospectus or in any free writing prospectus filed by us with the U.S. Securities and Exchange Commission (the “SEC”). We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are not, and the underwriters are not, making an offer to sell the notes in any jurisdiction where the offer and sale is not permitted. You should not assume that the information contained in this prospectus supplement, the accompanying prospectus, any free writing prospectus or any document incorporated by reference is accurate as of any date other than their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates. S-i

FORWARD-LOOKING STATEMENTS

This prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, contain
certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words
such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,”
“forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions;
statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are
difficult to predict and generally beyond our control, that could cause actual