If you're an income investor, you should welcome the opportunity to buy some discounted dividend stocks in today's stock market. Although July was a better month for the markets, the S&P 500 remains down 13% this year. And some stocks are down much more than that. Good dividend-paying stocks, however, can provide a buffer.

Three of the best dividend stocks to buy this month are Medical Properties Trust (NYSE: MPW), TC Energy (NYSE: TRP), and Western Union (NYSE: WU).

A 6.7% dividend yield might seem too good to be true given that the S&P 500 averages a yield of just 1.6%. However, this healthcare-focused real estate investment trust (REIT) has generally been a stable dividend stock to own. Outside of the early stages of the pandemic, Medical Properties has brought in more than enough free cash flow to support its quarterly dividend payments. The following chart shows how much free cash it has had left over after paying its dividends:

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Source Fool.com