My beloved lab was diagnosed with elbow dysplasia (both elbows) at 6 months. We had keyhole surgery and his was a very serious case of Osteochondrotis. Insurance will cover it, as it is costly.
We had a longish recovery time, but we discovered hydrotherapy, and he still goes 3 years later. There are options for a treadmill form of hydro, but ours swims in a fabulous indoor heated pool. He adores swimming.
We also feed him a dog food (Oscar) that contains Glucosamine and Chondroitin.
The only thing that we have to consider, is going on long walks. He can manage a mile or so, and then needs a break, before we continue. We aren't able to do long treks (but my DH isn't up to that either!).
Fingers crossed - all this seems to have done the trick.
You should advise whoever you got your pooch from them, as it is genetic, although can skip generations. If they are a reputable breeder, they should be concerned.