In the last 10 years or so, doctors have seen that taking the entire meniscus out isn't always such a good idea. Many patients with a total meniscectomy ended up with severe arthritis. Now the surgeon tries to repair the tear and/or remove only as much tissue as is absolutely necessary.
In the meantime, scientists are looking into the use of meniscal allografts for patients like you. An allograft is a donated meniscus from a cadaver (body preserved after death).
Earlier studies suggested that older adults with arthritic changes in the joint wouldn't do well with this operation. But in fact, a recent large study disputes those findings. Almost 90% of the patients in the study had good long-term results.
It's likely that improved operative technique accounts for the better results seen with meniscal allografts in this study. It's possible with a larger number of patients in the study that the results are more accurate. More study is needed to predict patients who will have a good outcome ... and patients who won't.