A power converter including a processor and at least one component whose health in the power converter will degrade over time is disclosed. The processor is configured for monitoring the health of the component over time, and for generating a warning signal when the monitored health of the component reaches a threshold level. A method for monitoring the health of at least one component in a power converter is also disclosed. The method includes monitoring at least one performance characteristic of the power converter. The performance characteristic represents the health of the component. The method further includes comparing the monitored performance characteristic with stored data to determine whether the health of the component has reached a predetermined level, and generating a warning signal after determining the health of the component has reached the predetermined level.