My spouse is also offered a Medical FSA at work. Can each of us elect the maximum amount allowed under our respective plans?

Yes. The IRS does not limit the maximum amount allowed for Medical FSA elections. However, you cannot receive payment for the same services from both plans (no double-dipping).

More.

No. The maximum amount allowed under a Dependent Care FSA is a household limit set by the IRS. You can each elect a Dependent Care FSA at your respective workplaces, but the total dollar amount for your household cannot exceed the annual IRS maximum ($5,000 if single or if married and filing jointly; $2,500 if married and filing a separate return).

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