By making a paste of baking soda and water you will relieve the pain and swelling. A topical hydrocortisone cream will help itching as well as taking oral benadril. If these remedies don't work, then I suggest consulting your doctor.
Well if it's serious and if you're swollen around the bug bite then you need to go the doctor. But to treat it just put ice on it and use anti itch cream and maybe keep it wrapped up.
If the bite is red and itching, try dabbing on a paste of baking soda and water to relieve the itch. If the bite does not resolve in a day or two, if it becomes hot, swollen or infected, see a physician.