My doctor said my triglyceride level was too high (550) and wants me to begin taking omega 3. How will this help me? Any other suggestions?

Improve diet... Taking fish oil (omega 3 fatty acids) will improve the quality of fat that you have in your diet, improving the fat that is metabolized by your body and helping your triglyceride levels, you can also go to a very low fat diet and avoid alcohol to improve those levels as well.
It is. Indeed it is but before you start treatment you have to know if you are diabetic or have thyroid problem or overweight as these conditions lead to high triglyceride also chronic alcoholism.Once you rule out these secondary causes, before any drug treatment it is very important that you reduce your consumption of sugars, carbs and fats. It is also important to loose weight and a regular exercise.
Treatment options. Hypertriglyceridemia is type of hyperlipidemia, some people has pure hypertriglyceridemia without hyperchlosteroloemia, dieting and exercise is part of therapy as well, Lovaza is a pure type fish oil w/o risk of murcury toxicity, most insurance will cover that once triglyceride is more than 400, and you need 2 caps twice a day , I do recommend to add specific med like trilipex at least 3 ms, thx.
Carnitine and B2. Fatty acid oxidation needs carnitine and b2 if they are lacking we create triglycerides. The products that increases these are sugar and carbohydrates so go on low carb diet. Supplement carnitine 2gm per day and take riboflavin 100mg two or three times for 1 month and recheck levels. Eat lots of leafy vegetables for bulk.