In this paper, the performance of a high-temperature polymer electrolyte membrane fuel cell (HT-PEMFC) was modeled using literature data. The paper attempted to combine different sources from the literature to find trends in the degradation mechanisms of HT-PEMFCs. The model focused on the activation and ohmic losses. The activation losses were defined as a function of both Pt agglomeration and loss of catalyst material. The simulations revealed that the loss of electrochemical active surface area (ECSA) was a major contributor to the total voltage loss. The ohmic losses were defined as a function of changes of acid doping level in time. The loss of conductivity increased significantly on a percentage basis over time, but its impact on the overall voltage degradation was fairly low. It was found that the evaporation of phosphoric acid caused the ohmic overpotential to increase, especially at temperatures above 180 °C. Therefore, higher temperatures can lead to shorter lifetimes but increase the average power output over the lifetime of the fuel cell owing to a higher performance at higher temperatures. The lifetime prognosis was also made at different operating temperatures. It was shown that while the fuel cell performance increased linearly with increasing temperature at the beginning of its life, the voltage decay rate increased exponentially with an increasing temperature. Based on an analysis of the voltage decay rate and lifetime prognosis, the operating temperature range between 160 °C and 170 °C could be said to be optimal, as there was a significant increase in performance compared to lower operating temperatures without too much penalty in terms of lifetime.