‘Мне (not Я) хорошо’ makes perfect sense and it stands for 'I feel good'. You cannot say ‘Мне есть хорошо’ in that meaning, though. By and large, you need to omit the linking ‘есть’ in most cases and memorize the cases where it is preserved as exceptions. Что есть истина? (What is truth?), but истина - в вине (in vino veritas./ in wine there is truth). There is also a good modern pun about ‘есть’. Счастье есть, оно не может не есть. Happiness exists (in eating), it can’t help eating.