"I am good" sometimes means "I am well" or "I am fine" For example: 1: How are you? 2: I am good thanks, how are you? or It can be used in this context: "No thanks, I am good" This is when you are offered something and you don't want it. For example: 1: Do you want some tea? 2: No thanks, I am good.

Good is an adjective and well is an adverb. Good modifies a noun; something can be or seem good. Well modifies a verb; an action can be done well. However, when you’re talking about health, well can be used as an adjective. Rule: When referring to health, always use well. Examples: I do not feel well today. You do not look well. Rule: When describing someone’s emotional state, use good. Example: He doesn’t feel good about his divorce/about losing his job/about failing the exam. So, how should you answer the question, “How are you?” If you think someone is asking about your physical well-being/your physical health, answer, “I feel well,” or “I don’t feel well.” If someone is asking about your emotional state/emotional health, answer, “I feel good,” or “I don’t feel good.” NOTE: Nowadays, some people believe that saying "I am good" is acceptable when referring to one's health - and others think that saying "good" is incorrect and saying "well" is correct.