Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 14

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 14
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 of Centers Plan for Healthy Living LLC and Centers for                                                                                                                                             
 Specialty Care Group IPA, LLC, RSV QOZB LTSS, Inc. (dba CareBridge), Paragon Healthcare, Inc., BioPlus Parent, LLC and Integra MLTC, Inc. (including each of their respective acquired affiliates) are included from their respective acquisition dates 
 of December 31, 2024, December 10, 2024, March 11, 2024, February 15, 2023 and May 5, 2022.                                                                                                                                                             |

| (2) | Operating revenue is obtained by adding premiums, product revenue, and service fees. |

S-10

| (3) | Benefit expense ratio represents benefit expense as a percentage of premium revenue. Premiums for the six                                                                                                                                      
 months ended June 30, 2025 and 2024 were $82,158 and $71,112, respectively. Premiums for the years ended December 31, 2024, 2023 and 2022 were $144,166, $142,854 and $133,229, respectively. Premiums are included in total operating revenue 
 presented above.                                                                                                                                                                                                                               |

| (4) | Operating expense ratio represents operating expense as a percentage of total operating revenue. |

| (5) | Cash and investments is obtained by adding cash and cash equivalents, current and long-term fixed maturity 
 securities and equity securities.                                                                          |

S-11

DESCRIPTION OF THE NOTES

The Notes Will Be Issued Under the Indenture

We will issue $ initial aggregate principal amount of % notes due 2028, $ initial aggregate principal amount
of % notes due 2032, $ initial aggregate principal amount of % notes due 2036 and $ initial aggregate principal amount of % notes due 2055.

The notes will be issued under a senior note indenture dated as of November 21, 2017 between us and The Bank of New York Mellon Trust
Company, N.A., as trustee. The trustee has two main roles. First, the trustee can enforce your rights against us if we default; however, there are some limitations on the extent to which the trustee acts on your behalf. Second, the trustee performs
administrative functions for us, such as sending you interest payments (as our paying agent), transferring your notes to a new buyer if you sell them (as our registrar) and sending you notices.

The indenture and the notes contain the full legal text of the matters