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We have a dependent care FSA in 2018 via my company sponsored plan and I contributed $5000 for 2018. My open enrollment started recently and I realized my company has put a limit on my contribution due to my income being high. Long story short, I won't be able to contribute anywhere near close to $5000 for 2019.

My wife's company has an FSA for dependent care but she didn't enroll during her open enrollment, now since I am not able to contribute to the max $5000, can I just decline enrollment and let her do a mid year change due to loss of benefit from my side?

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None of what you describe sounds like a qualifying event for your wife to change her FSA election outside of open enrollment. The final arbiter of this would be the administrator of the dependent care FSA. Call them and ask about it.

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