It is free. Meta's own page says Meta AI is free for everyday use, that it is testing usage limits, and that a paid subscription gives you more.
You can start in two places, and which one you pick decides which account it's tied to. Inside WhatsApp, Instagram, Messenger or Facebook, Meta AI uses the account you are already signed in to. For the standalone app or meta.ai, you sign in when you open it; Meta's public pages we could read don't spell out whether that requires a Facebook or Instagram account, so check the sign-in screen for your options.
If your Facebook and Instagram accounts are linked in Meta's account settings, Meta AI can draw on both, including your profile details and what you engage with, to tailor its answers. Meta says these personalized answers are currently available only in the US and Canada.
Features roll out unevenly. Meta's announcements repeatedly say new abilities start in the US and reach "more countries" later, and the app listing warns some features are limited to certain countries and languages, so a feature you read about may not be on your phone yet.
If you own Meta's AI glasses, the Meta AI app is also their required companion app, so you may already have it installed for that reason.