Additionally to regularly check the health dashboard in Office 365, as Office 365 Admins we can also get notified about service health incidents. To configure such notifications, we only need to access the health dashboard in the Office 365 Admin Center and click on Preferences. In the settings panel that opens we can add up to two e-mail addresses (Onte of those e-mails could be a Teams channel e-mail) where we want to send the notifications and also the Office 365 services we want to get notified.
Once everything is set, we will start to receive notifications like the bellow screenshot. Note that from the incident notification we can access the notification in the health dashboard: