A system includes a gas turbine system including a compressor, a combustor, and a turbine. The system also includes a controller communicatively coupled to the gas turbine system and configured to control operations of the gas turbine system. The system further includes a life consumption model configured to determine an operating life of the gas turbine system based on both a health status of one or more components of the gas turbine system and operating conditions of the gas turbine system. The controller is configured to utilize at least the life consumption model to derive a control action for the gas turbine system.