Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 41

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 41
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 CONTENTS

|                                                                |     | Page |    |
| ABOUT THIS PROSPECTUS                                          |     |      |  1 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS           |     |      |  1 |
| WHERE YOU CAN FIND MORE INFORMATION                            |     |      |  1 |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE                |     |      |  2 |
| OUR COMPANY                                                    |     |      |  3 |
| RISK FACTORS                                                   |     |      |  4 |
| USE OF PROCEEDS                                                |     |      |  5 |
| DESCRIPTION OF THE DEBT SECURITIES                             |     |      |  6 |
| DESCRIPTION OF THE PREFERRED STOCK                             |     |      | 19 |
| DESCRIPTION OF THE COMMON STOCK                                |     |      | 20 |
| DESCRIPTION OF THE DEPOSITARY SHARES                           |     |      | 24 |
| DESCRIPTION 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 |

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ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, using a
“shelf” registration process. Under this shelf process, we may sell any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities we may
offer. Each time we offer to sell any of the securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering and the securities being offered. The prospectus supplement may also add, update
or change information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement together with the additional information described under the headings “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference.”

In this prospectus, the terms
“we,” “us,” “our,” the “Company” and “Elevance Health” refer to Elevance Health, Inc