Is this a serious diagnosis?
I am sorry to hear about your medical problems. The treatment is usually conservative, and involves anti-inflammatory medications, pain killers, rest followed by physiotherapy. Sometimes the degenerated portion is sucked out and partial menisectomy is performed. The treatment will depend on the level of degeneration. Try and consult a sports injury specialist or an orthopedic specialist.
It can turn serious if not treated in time. Take care!
The medical advice given should not be considered a substitute for medical care provided by a doctor who can examine you. The advice may not be completely correct for you as the doctor cannot examine you and does not know your complete medical history. Hence this reply to your post should only be considered as a guiding line and you must consult your doctor at the earliest for your medical problem.