...how it works and 
What to fix before my MacBook’s AppleCare runs out?
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My white macbook is 4 years old and it looks a little bendy when you look at it horizontally, sometimes it runs a little slow (usually quite fast) and the battery isn't the best. What should i do to not waste my apple care plan as after-wards I'll have to pay for repairs myself.
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First order of correction, usually your AppleCare lasts 3 years from the date of purchase, not 4. Check your purchase date with Apple (or on your receipt) to verify this.
If your computer is still covered under AppleCare, you are entitled to one free battery replacement. Schedule yourself an appointment with the Genius Bar at a local Apple Store, and they will take care of this for you.
If your AppleCare has expired, the battery will cost you $130, or $100 if you get a Genius Bar appointment.
Either way, in the way of laptops, 4 years is an above-average lifespan. (Most don’t last long beyond 3).