Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 5

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 5
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 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 maintain a website at www.elevancehealth.comwhere 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.

S-1

The Offering

| Issuer | Elevance Health, Inc. |

| Securities Offered | $750,000,000 aggregate principal amount of 4.000% notes due 2028. |

| $750,000,000 aggregate principal amount of 4.600% notes due 2032. |

| $1,000,000,000 aggregate principal amount of 5.000% notes due 2036. |

| $500,000,000 aggregate principal amount of 5.700% notes due 2055. |

| (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed discounted to the redemption date (assuming such notes matured on their applicable Par Call 
 Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 10 basis points in the case of the                                                   
 2028 notes, 15 basis