Hierarchical model-based reinforcement learning (HMBRL) aims to combine the benefits of better sample efficiency of model based reinforcement learning (MBRL) with the abstraction capability of hierarchical reinforcement learning (HRL) to solve complex tasks efficiently. While HMBRL has great potential, it still lacks wide adoption. In this work we describe a novel HMBRL framework and evaluate it thoroughly. To complement the multi-layered decision making idiom characteristic for HRL, we construct hierarchical world models that simulate environment dynamics at various levels of temporal abstraction. These models are used to train a stack of agents that communicate in a top-down manner by proposing goals to their subordinate agents. A significant focus of this study is the exploration of a static and environment agnostic temporal abstraction, which allows concurrent training of models and agents throughout the hierarchy. Unlike most goal-conditioned H(MB)RL approaches, it also leads to comparatively low dimensional abstract actions. Although our HMBRL approach did not outperform traditional methods in terms of final episode returns, it successfully facilitated decision making across two levels of abstraction using compact, low dimensional abstract actions. A central challenge in enhancing our method's performance, as uncovered through comprehensive experimentation, is model exploitation on the abstract level of our world model stack. We provide an in depth examination of this issue, discussing its implications for the field and suggesting directions for future research to overcome this challenge. By sharing these findings, we aim to contribute to the broader discourse on refining HMBRL methodologies and to assist in the development of more effective autonomous learning systems for complex decision-making environments.