Outgoing emails blocked - Next steps?

Outgoing emails blocked - Next steps?

I have seen my outgoing emails get blocked because of high bounce rate due to invalid email ids.

1) Is there a way to increase the bounce limit per account?
2) Does any of your paid subscription plans provide the above capability? (If so, please list all)
3) Is it possible to receive email/SMS notification when outgoing emails get blocked for an account?

Thanks.