What are treatment options for hammer toes?

A variety. They span from conservative (modify shoes, padding, etc.) to surgery. You should consider a visit with your podiatrist for a more detailed and personalized analysis.
Surgery vs. padding. If you catch hammertoes in the early stages, a small, in-office procedure to release one of the tendons will often allow the toe to lie straight again. If the toe deformity has become rigid, the surgery is more involved. It's an outpatient procedure in an operating room, and can involve bone cuts, pins, screws, or other implants. Without surgery, your best bet is padding to reduce your discomfort.
Options. Treatment options for the management of hammertoes include conservative and surgical management. Conservative management options include use of orthotic devices, change in shoe wear, medications such as oral no-steroidal anti-inflammatory drugs (nsaids), steroid injections, padding of corns and calluses, and splinting and strapping.
Live with it or fix. Hammertoes are a structural problem that is inherited. If they're not causing you pain, don't do anything. If they are causing you pain, you have to decide whether the pain is bad enough to warrant surgery, because surgery is the only way to fix a hammertoe. The surgery isn't all that bad, actually, but it makes no sense to have surgery unless you have pain. Hope this helps. Good luck!