A 52-year-old Indian woman presents with hot flushes, night sweats, and vaginal dryness for the past 18 months. Her last menstrual period was 14 months ago. She has no contraindications to hormone replacement therapy (HRT). Her bone mineral density (BMD) T-score is −1.8 at the lumbar spine. She is concerned about fracture risk and asks about HRT. Which of the following statements about HRT in this patient is most accurate?