An insole is described that can be placed with an insole receiving area of a slipper. The insole can be prepared by compression molding a structure comprising a foam layer having a first foam side and a second foam side. The insole includes a heel region, an arch region, and a toe region. The heel region includes a heel cushioning portion and a heel perimeter portion. The heel perimeter portion includes a retaining wall that extends above the top surface of the heel cushioning portion. The arch region includes an arch cushioning portion and an arch perimeter portion. The arch perimeter portion includes an arch support that extends above the top surface of the arch cushioning portion. The toe region includes a toe cushioning portion and a toe perimeter portion. A slipper and a method for manufacturing a slipper are described.