I have a similar problem. I was born with a defect in my cervical spine which is fused at C4,5 and it is compressing the spinal cord. I have a few symptoms but am not sure where it's coming from. There are options although Canada's system probably doesn't cover them. I researched a few operations but was warned by many people that an operation is the last resort. Some people get full relief and others get worse.
I was told that many people have my condition and never know it.
May I ask why surgery is not an option? Have you tried all the various conservative treatments such as PT, traction, injections or Radio frequency Ablation? How bad is the cord compression? Do you have a lot of pain? What exactly are your limitations?
As far as a prognosis, its really difficult to say without knowing what treatments you tried, what your pain levels are and what medications you've taken. I've read of cases of bulging discs receding,so I guess its possible, I would think that limiting your activities for a period of time would be helpful as well. Unfortunately pain management is usually where a lot of people end up after failed surgeries and treatments.
Take Care