The only established function of ORM is to act as a carrier of basic and neutrally charged lipophilic compounds. In medicine, it is known as the primary carrier of basic drugs (whereas albumin carries acidic drugs), steroids, and protease inhibitors. Aging causes a small decrease in plasma albumin levels; if anything, there is a small increase in α1 acid glycoprotein. The effect of these changes on drug protein binding and drug delivery, however, appear to be minimal. 
Alpha-1-Acid glycoprotein has been identified as one of four potentially useful circulating biomarkers for estimating the five-year risk of all-cause mortality (the other three are albumin, very low-density lipoprotein particle size, and citrate).
^Barash, Paul G. (2009). Clinical Anesthesia. p. 879.
^Fischer, Kettunen, Würtz, et al. "Biomarker Profiling by Nuclear Magnetic Resonance Spectroscopy for the Prediction of All-Cause Mortality: An Observational Study of 17,345 Persons.". PLoS Medicine 11(2): e1001606. doi:10.1371/journal.pmed.1001606.