I don't think you really have anything to worry about. I think there are lots of ways to treat degenerative disks other than surgery. There are so many breakthroughs in treating back problems these days. I certainly don't think it is anything life threatening and it's probably a good thing that you found out what it is so you can start having it treated.
I can't believe the other docs didn't see this. The MRI should really tell what it is more clearly.
My son just had surgery on his upper back/neck in the cervical area.....he had really bad herniated disks that were protuding into his spinal cord. He was losing muscle mass in his left arm and having lots of pain in the neck and numbness in the fingers. The doc said after his surgery he should return to normal. There is a several week recovery period but after that he should be as good as new. BTW, he is on Lortab pain pills, too.
I'm wishing you the best of luck and keep us posted on what happens. Hopefully you can get this fixed so you won't be in such pain.