Free Writing Prospectus - Form FWP

Free Writing Prospectus Filed Pursuant to Rule 433

To Prospectus dated November 1, 2023

Preliminary Prospectus Supplement dated October 22, 2024

Registration Statement File No. 333-275251

ELEVANCE HEALTH, INC.

Offering of:

$350,000,000 4.500% Notes due 2026 (the "2026 Notes")

$750,000,000 4.750% Notes due 2030 (the "2030 Notes")

$750,000,000 4.950% Notes due 2031 (the "2031 Notes")

$1,200,000,000 5.200% Notes due 2035 (the "2035 Notes")

$1,350,000,000 5.700% Notes due 2055 (the "2055 Notes")

$800,000,000 5.850% Notes due 2064 (the "2064 Notes")

Pricing Term Sheet dated

October 22, 2024

The information in this pricing term sheet relates to the Offering and should be read together with the preliminary prospectus supplement datedOctober 22, 2024 (the "Preliminary Prospectus Supplement"), including the documents incorporated by reference therein and the related base prospectus dated November 1, 2023, filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (Registration Statement File No. 333-275251). Terms used but not defined herein, with respect to the Offering, have the meanings ascribed to them in the Preliminary Prospectus Supplement.

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*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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It is expected that delivery of the notes will be made against payment thereof on or about October 31, 2024, which will be the seventh business day following the pricing of the notes (such settlement being referred to as "T+7"). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are generally required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day preceding the settlement date will be required, by virtue of the fact that the notes will initially settle in T+7, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates (File No. 333-275251). Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and the Offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the Offering will arrange to send you the base prospectus and the Preliminary Prospectus Supplement if you request them by calling (i) Citigroup Global Markets Inc. at (800) 831-9146, (ii) Morgan Stanley & Co. LLC at (866) 718-1649 or (iii) Wells Fargo Securities, LLC at (800) 645-3751.

This communication should be read in conjunction with the Preliminary Prospectus Supplement and the accompanying base prospectus. The information in this communication supersedes the information in the Preliminary Prospectus Supplement and the accompanying base prospectus to the extent inconsistent with the information in the Preliminary Prospectus Supplement and the accompanying base prospectus.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.